Volkswagen Expands E-mobility In China With JAC And SEAT

Volkswagen Group China signed a Memorandum of Understanding with Anhui Jianghuai Automobile Group Corp., Ltd. or JAC and SEAT in Berlin, in the presence of German Chancellor An-gela Merkel and Chinese Premier Li Keqiang.

The three groups will together establish a new R&D center with a focus on developing electric vehicles, connectivity and autonomous driving technologies, as well as a competitive platform for battery electric vehicles or BEV. SEAT brand will be introduced to China by 2020/2021.

Under the Memorandum of Understanding, SEAT will become a shareholder in JAC Volkswagen, through either a capital increase of JAC Volkswagen or a share transfer from Volkswagen Group China.

Through the comprehensive electrification initia-tive "Roadmap E", together with the strong efforts and contributions from JAC Volkswagen, FAW-Volkswagen, SAIC VOLKSWAGEN and Volkswagen Group China will lead the way in the development of e-mobility, with the introduction of 40 locally-produced models to the market within the next 7-8 years.

Separately, The Supervisory Board of Volkswagen Aktiengesellschaft has appointed Dr. Stefan Sommer (55) as the Board Member with responsibility for Procurement effective January 1, 2019. Sommer was Chief Executive Officer of ZF Friedrichshafen AG until the end of 2017. In his new function he succeeds Dr. Francisco Javier Garcia Sanz, who left the Company in April at his own request.

Apple Inc.'s Chief Executive Officer Tim Cook has defended his company's decision to use Google as the default search engine on Apple products, including iPhones. He also said that regulation of tech companies is inevitable. In an interview with Axios for "Axios on HBO" airing Sunday night, Axios technology correspondent Ina Fried asked Cook why Apple accepts payments from Google.

Shares of Nordstrom Inc. (JWN) slipped 10 percent in extended hours on Thursday after the department store chain's full-year revenue outlook fell short of Street estimates.
Seattle-based Nordstrom's third-quarter profit dropped to $67 million or $0.39 per share from $114 million or $0.67 per share...